Defined Benefit Division 2 FAQ

TelstraSuper has been supporting members’ retirement outcomes for more than three decades. 

As the superannuation industry continues to evolve, the TelstraSuper Trustee Board has decided that merging with the right partner is the best way to serve members in the long run. Following a comprehensive review of the options available, the Board has determined that TelstraSuper will merge with Aware Super. 

By joining Aware Super, TelstraSuper members will benefit from being part of a much larger fund, which provides the potential for better products and services, lower fees and access to more investment opportunities. 

Importantly, both TelstraSuper and Aware Super have many shared values, including a strong focus on long-term performance, member engagement, personalised service, guidance and financial advice.  

Now the merger is complete, TelstraSuper members have become members of Aware Super, resulting in a combined fund that is expected to manage around $237 billion for around 1.3 million Australians.^[M7]  

Aware Super is one of Australia's largest profit-for-member superannuation funds with $208 billion in funds under management* and around 1.2 million members*. Aware Super strives to deliver strong long-term returns for its members and the help, guidance and advice they need to prepare for and enjoy their best possible retirement.

Aware Super started as First State Super in 1992, looking after the retirement savings of NSW government employees. This gave them a deep appreciation of the importance of frontline workers like nurses, teachers and police, as well as an understanding of their retirement needs. Over the years, they’ve successfully brought together members from different funds through mergers: Health Super in 2011, VicSuper in 2020, followed by WA Super later that year.

You can visit Aware Super - Australian Superannuation Fund for detailed information about Aware Super’s products and services, investment performance, updates, and member resources.

*Aware Super, 31 December 2025.

Telstra Super Pty Ltd no longer exists in its capacity as trustee of the TelstraSuper Fund.       

No. Your defined benefit will not change as part of the merger. Your TelstraSuper Defined Benefit Division 2 benefit has been transferred to Aware Super Defined Benefit – Telstra Plan.

No. You don’t need to do anything as TelstraSuper and Aware Super worked directly with the Telstra Group to ensure their records are updated.

No. If you have provided your TFN to TelstraSuper, this has been carried over to Aware Super.

Most members will keep their existing membership and account numbers when their account(s) are transferred to Aware Super.

Please note, if your member number is already in use by Aware Super, you’ll be assigned a new member number. If you are affected by this change you will be advised in a separate communication and it will also be confirmed in your welcome letter from Aware Super. Otherwise, your Aware Super account number will be the same as your TelstraSuper account number without any spaces. You can find this number on the cover letter to your Significant Event Notice. 

Your member number is the number we use to identify you. Your account number is the number your employer uses to pay your super contributions. If you had more than one TelstraSuper account, you will have multiple account numbers but only one member number.

A Data Migration Strategy is supporting the merger that includes several rounds of testing, extensive reconciliation and auditing across the balances being transferred to ensure their accuracy.

Once the transfer is complete, you will receive an exit statement from TelstraSuper and a welcome letter from Aware Super. These letters will contain the amount that TelstraSuper has transferred across to Aware Super.

Your TelstraSuper balance on exit will be exactly the same as your Aware Super opening balance.

As part of the merger, the information we hold about you will be transferred to Aware Super which will include security questions and answers. Any of your information that is transferred before 30 April 2026 will be handled in accordance with our Privacy Policy. On transfer, Aware Super’s Privacy Policy will apply and will describe how your personal information will be managed from that date. You can access the Aware Super Privacy Policy at aware.com.au/privacy.

In late May 2026 you will receive an exit letter/statement from TelstraSuper, which will show your TelstraSuper account and final account balance (which was transferred to Aware Super).

After 11 May 2026, Aware Super sent you a welcome letter via your communication preference that was recorded with TelstraSuper prior to the merger. The welcome letter will include a summary of your Aware Super account, information about online access and services available to you, as well as any other relevant terms of your membership.

As with personal contributions, employer contributions – including any contributions made through salary sacrifice arrangements - will be accepted and applied to your account. 

If you hold a Division 293 deferred debt account liability with TelstraSuper, this was transferred across to Aware Super.

If you’d like to claim a tax deduction or vary a tax deduction for personal super contributions made to your VAA for the 2025/2026 financial year or for the previous financial year (2024/25), members can make these requests directly to Aware Super, which will process the request for the relevant financial year in which the contribution was made.

Because your account will be in a different fund, only new contributions that are received from 1 May 2026 will legally be able to be transferred or split. Aware Super will not be able to transfer or ‘split’ contributions that were made while you were a member of TelstraSuper.

Your account transferred from TelstraSuper Defined Benefit Division 2 benefit to the Aware Super Defined Benefit – Telstra Plan.

A Product Disclosure Statement (PDS) about your new product will be included with your welcome letter from Aware Super in May 2026. You can also download the PDS and Guide via aware.com.au/pds.

If you leave your Telstra Group employer after the merger, your benefit will generally be transferred to Aware Super Future Saver Employer Sponsored and Personal.

Your account will transfer from a TelstraSuper Division 2 Voluntary Accumulation Account to an Aware Super Defined Benefit – Telstra Plan Voluntary Accumulation Account.

With Aware Super you will still have the option of having a voluntary accumulation account where you can access a broad range of investment options suitable for the conservative through to the aggressive investor.

Most TelstraSuper members will benefit from lower fees and costs with Aware Super. Aware Super will begin charging fees and costs from 1 May 2026.

Important: TelstraSuper defined benefit administration fee of $52 per year is charged at the member level and calculated and deducted quarterly. This fee is paid for by your employer. Aware Super’s defined benefit account administration fee of $52 per year (called an account keeping fee at Aware Super) will calculated be daily and deducted monthly for each defined benefit account. This is currently paid for by your employer and is expected to continue to be paid by them after the transfer.

The fees and costs charged to your VAA by Aware Super are likely to be lower than TelstraSuper. However, if you have multiple accounts with TelstraSuper (i.e. you hold a TelstraSuper accumulation account that is not part of your defined benefit), you may end up paying more in administration fees. This is because Aware Super charges a $52 per year administration fee (known as an account keeping fee) per account (rather than per member). Fee caps also apply at the account level in Aware Super. This administration fee is not payable on your VAA, but it will be payable on any other accounts you hold with Aware Super.

You can view a direct comparison between TelstraSuper’s current fees and costs for your VAA with those of Aware Super’s VAA in Table 1 – Fees and costs summary comparison in your Significant Event Notice.

For more information about Aware Super’s fees and costs, including fees and costs not listed above, read the Aware Super Defined Benefit – Telstra Plan PDS and Guide available at aware.com.au/pds.

If you leave your Telstra Group employer after the transfer, Aware Super will move your defined benefit to its accumulation product known as the Aware Super Future Saver Employer Sponsored and Personal and invest the defined benefit component in the Cash investment option until you make an active investment choice.

If you do not have a VAA, then any future contributions will be applied to the relevant MySuper Lifecycle investment option for your age until you make an active investment choice.

If you have a VAA, your VAA funds will continue to be invested in the same investment options in Aware Super Future Saver as previously chosen. Future contributions will be applied in Aware Super Future Saver according to your VAA future contribution strategy.

If you have a VAA, and you haven’t made an active investment choice, your VAA funds and future contribution strategy will be applied to the relevant MySuper Lifecycle investment option for your age, until you make an active investment choice.

You can make an investment election to opt out of the Cash investment option in Aware Super at any time in relation to the transferred defined benefit component and when you make this election, you also have the option to change how your future contributions will be invested.

No. Your retirement, redundancy and leaving service benefits will be calculated in the same way at Aware Super as they are at TelstraSuper.

Benefit calculations will still be determined by a formula considering the Final Average Salary (FAS) over the last three years, length of service, and accumulated contribution multiples.

The accrual rate will remain the same. Your FAS will be calculated in the same way at Aware Super as it is at TelstraSuper.

With Aware Super you will still be able to choose to contribute 0% to 10% of salary.

No. Telstra will remain the sponsor of your defined benefit plan. Telstra’s contribution and support towards your defined benefit plan will remain the same.

The spouse combined account administration fee rebate will no longer apply. However, reduced individual account fee caps will apply. You can view a comparison between TelstraSuper’s fees and costs with those of Aware Super in Table 1 - Fees and costs summary comparison in your Significant Event Notice.

Your digital credentials (member number and/or username and password) were securely migrated to Aware Super. You can use either your member number or username to login to Aware Super’s digital platform, Member Online, from 11 May 2026. If a username is already in use by Aware Super, you will need to create a new username.

If you receive a new member number and do not currently have a username, you may need to register for online access from 11 May 2026. Instructions for this will be provided in your Aware Super welcome letter.

You can check your employer contributions by using your member number or username to login to Aware Super’s digital platform Member Online. 

You can check your total super contributions through your myGov account using ATO online services. This includes both concessional and non‑concessional contributions.

Your employer contribution may take longer to appear following the merger due to system changes. Delays are temporary during the transition period and are expected to return to normal processing timeframes once the transition is complete.

An exit letter / statement from TelstraSuper will be sent to you in the mail late May 2026 which will show your TelstraSper account and final account balance (which was transfered to Aware Super). This will also be available in Member Online.

You can update your personal and contact details via Aware Super’s Member Online or the app. 

If you had both an Aware Super account and a TelstraSuper account, you will end up with at least two Aware Super accounts. Having multiple Aware Super accounts may incur higher fees overall. Members can request for these accounts to be consolidated with Aware Super after the merger. There may be some implications to consolidation, including to any insurance arrangements, so it’s important to speak to a qualified financial adviser before making any decisions. You can also speak to Aware Super if you have any questions about their products. 

To find out more about the impacts to your insurance by consolidating you can refer to the relevant PDS and handbook for your product which will be available at aware.com.au/pds.

You’re currently not able to view historical TelstraSuper transactions in your Aware Super account.  Transactions and statements from the last five years of your active accounts will be visible to you in Member Online from August 2026.  

If you have a death benefit beneficiary nomination, it transferred to Aware Super and applied to each of your accounts.

If you have a non-binding death benefit nomination, you won’t be able to make changes to it after the transfer to Aware Super as Aware Super doesn’t accept new or updates to existing non-binding death benefit nominations. Instead, you can make a lapsing or non-lapsing binding death benefit nomination.

Aware Super offers members the opportunity to make or update a non-lapsing death benefit binding nomination anytime online.

If you have multiple accounts and want to update beneficiaries, you must make changes for each account individually (because in Aware Super a death benefit nomination attaches to each of your individual accounts rather than to your Aware Super membership).

Third party authority on TelstraSuper accounts were not transferred over to Aware Super.

To set up a Third Party Authority on your account, go to aware.com.au/thirdpartyauthorityform. Please return the completed form by email to enquiries@aware.com.au.

Like TelstraSuper, Aware Super provides a range of services to help members with their accounts at no extra cost. This includes general financial advice and intra fund advice. Like TelstraSuper this will continue to be included as part of your Aware Super membership. In addition to getting help with understanding your super, and insurance within your account, making contributions, and choosing how to invest, Aware Super can assist with setting up a pension account and estimating how long your pension might last and incorporating Centrelink eligibility estimates, where relevant.

If you have questions, call us on 1300 650 873 between 8:00am to 8:00pm (AEST) on weekdays.

You can learn more about Aware Super’s advice and guidance offering here. 

Like TelstraSuper, Aware Super provides annual super statements after the end of each financial year, however they don’t provide an annual Insurance Statement. You will be able to view your insurance in Member Online and in the Aware Super app.

Your BPAY details have changed. If you have a recurring BPAY set up with your bank, please cancel it before 24 April 2026. If the arrangement is not cancelled, your next payment will fail and not be sent.

To set up BPAY contributions with Aware Super after the transfer, log in to Member Online to get your BPAY biller code and your reference number.

Aware Super offers a Retirement Bonus. Defined Benefit members need to transfer their account to an Aware Super Future Saver account for a specified period and meet other eligibility conditions before transferring to an Aware Super Retirement Income account. Some of the eligibility criteria and calculations differ from TelstraSuper’s Retirement Bonus arrangements as follows:

• TelstraSuper currently pay 0.5% capped at $8,000, whereas Aware Super will pay 0.7% capped at $14,000.
• TelstraSuper has no minimum eligibility period, however Aware Super’s is based on the average daily balance over a 6-month period and amount transferred.
• Funds invested in the Cash investment option will not be eligible for the Retirement Bonus post SFT.
• Funds held within a defined benefit or VAA will not be eligible for the Retirement Bonus
• You can find out more about Aware Super’s Retirement Bonus here.

If you wish to rollover any super balances into your new Aware Super account after the merger, you must do so using Aware Super’s USI & ABN:

Aware Super’s USI: 53 226 460 365 016

USI Name: Aware Super Defined Benefit - Telstra Plan

Aware Super’s ABN: 53 226 460 365

Your Account Number: Your Aware Super account number will be the same as your TelstraSuper account number. You can find this number on the cover letter of your significant event notice. Please ensure you provide the account number without any spaces.

As part of the merger, there may be changes to your VAA investments.

Aware Super use a lifecycle investment approach as their default offering. If your VAA is invested in TelstraSuper’s default lifecycle investment arrangement on 30 April 2026, this is where your funds will be invested in Aware Super’s default lifecycle investment arrangement when your account transfers to Aware Super. (see FAQ below for more information on Aware Super’s default lifecycle investment arrangement.)

If you have made an investment choice with TelstraSuper, your VAA will be transferred to the investment option(s) that most closely matches how your account balance is invested with TelstraSuper in the same proportions. However, the investment characteristics may differ between these options. You can compare TelstraSuper’s current investment options with those of Aware Super in Table 4 - Investment option comparison in your significant event notice. Note in particular there are some important differences in relation to the Property investment option. These are explained in the Significant Event Notice (see ‘Important information about the Property investment option’).
 

Contributions

If you’ve made an active choice about how you’d like your contributions to be invested in your TelstraSuper account, your future VAA contributions will be invested in the corresponding Aware Super option(s) in accordance with Table 4 - Investment option comparison in your significant event notice.

If you haven’t made a choice about how you’d like your contributions to be invested, your contributions with TelstraSuper have been invested in the default investment approach for the VAA. Following transfer to Aware Super, if you don’t make an investment choice, your contributions will be invested in the Aware Super Lifecycle approach (see FAQ below for more information).

You’ll be able to switch how your funds are invested in Aware Super from 11 May 2026. Aware Super has a wider range of investment options for you to choose from, including Indexed and Socially Conscious options.

Like TelstraSuper, Aware Super use a lifecycle investment approach as their default offering. If your VAA is invested in the default investment arrangement for your age, this is where your funds will be invested when your account transfers to Aware Super.

Similar to TelstraSuper’s default investment arrangement, Aware Super’s Lifecycle approach invests more of your super in growth assets (such as shares and property) when you’re younger, and gradually shifts your investment mix to more defensive assets (such as cash and fixed interest) as you get older. However, there are some important differences:

• TelstraSuper’s default investment arrangement has 4 stages, while Aware Super’s has 11 stages, allowing for a more gradual transition over time.
• Other than members aged 61 to 64, members moving into the Aware Super Lifecycle approach will hold more growth assets. Growth assets can help grow your balance more in the long term, but tend to rise and fall more in the short term which may result in greater fluctuations in the value of your investment.

You can see how the two default investment approaches compare in Table 3 – Default investment arrangement comparison in your significant event notice.

On transfer to Aware Super’s Lifecycle approach, your VAA balance and future contributions have moved to the Lifecycle stage that matches your age. Note that each stage has a different risk level, mix of investments and investment objective. For details, refer to the ‘Default Lifecycle’ section of the Aware Super Defined Benefit – Telstra Plan PDS and Guide available at aware.com.au/pds.

You can view a comparison of the investment characteristics of TelstraSuper investment options and corresponding Aware Super investment options in Table 4 - Investment option comparison in your Significant Event Notice.

You can change your investment strategy with Aware Super anytime. Aware Super has a wider range of investment options for you to choose from including Indexed and Socially Conscious investment options.

To learn more about Aware Super’s investment options, read the read the Aware Super Defined Benefit – Telstra Plan PDS and Guide available at aware.com.au/pds.

After the merger, there will be some changes to investment fees and costs.

You can view a direct comparison of the investment fees and costs and transaction costs of TelstraSuper’s VAA investment options with the corresponding Aware Super option in Table 2a – Investment fees and costs and transaction costs comparison (for members who have made an investment choice) and Table 2b – Investment fees and costs and transaction costs comparison (Default investment arrangements) in your Significant Event Notice.

Note: Investment fees and costs and transaction costs are not fixed and may vary from year to year. The amounts shown in the Significant Event Notice are indicative only.

For more information about Aware Super’s fees and costs, including the fees and costs of other Aware Super options not listed above, read the Aware Super Defined Benefit – Telstra Plan PDS and Guide available at aware.com.au/pds.

Aware Super’s daily investment switch cut off time is 3pm on a business day (AEST/AEDT). TelstraSuper’s is 4pm on a Melbourne business day.                         

Like TelstraSuper, Aware Super offers a Member Online portal where members can change how their super is invested. 

Although the balance of your VAA before and after transferring to Aware Super won’t change, the number of units you hold and the relevant unit price will be different. This is because the unit price of the corresponding Aware Super investment options are different.

Aware Super has a similar range of asset classes to TelstraSuper but uses different labels in some instances, for example Aware Super uses ‘Private equity’ instead of ‘Private Markets’, and ‘Credit income’ instead of ‘Alternative Debt’. The below table compares TelstraSuper’s asset classes with the corresponding Aware Super asset classes. Note that Aware Super does not have an equivalent to the ‘Opportunities’ asset class.
 

There are many similarities between TelstraSuper and Aware Super in terms of their approach to sustainable investment. For example, both funds:

• Integrate environmental, social and governance (ESG) considerations into their investment processes (as outlined in their responsible investment policies);
• Implement stewardship programs through voting, corporate engagement and advocacy and are signatories to the Australian Asset Owners Stewardship Code;
• Participate in many of the same major industry initiatives and collaborative organisations; and
• Provide publicly available responsible investment reporting.

In addition, both funds have an exclusion framework and similar investment restrictions. However, there are some important differences:

• Aware Super’s materiality threshold for thermal coal is lower (10% of revenue compared to TelstraSuper’s 25%), so it will exclude more companies;
• Aware Super’s materiality threshold for controversial weapons is lower (no threshold compared to TelstraSuper’s threshold of 5% of revenue), so it will exclude more companies;
• Aware Super’s controversial weapons restriction applies to a broader range of weapons, including depleted uranium, incendiary weapons and white phosphorous weapons; and
• Aware Super has an investment restriction for nuclear weapons, subject to a 5% revenue threshold and verified involvement.
• Aware Super does not have a fund-wide restriction for Russian-domiciled securities, although does not currently invest in Russian-domiciled securities due to Australian Government sanctions on Russia.

Other differences in the fund’s sustainable investment approach include:

• The climate targets differ in scope. TelstraSuper limits its target to listed equities and real assets, while Aware Super’s target applies across the whole fund.
• Aware Super has an international provider that undertakes stewardship activities on their behalf.

To read more about Aware Super’s approach to sustainable investment, refer to the ‘Responsible Ownership’ section of the Aware Super Defined Benefit – Telstra Plan PDS and Guide available at aware.com.au/pds, or go to aware.com.au/responsiblesuper

As part of our merger, the insurance provider changed from Nippon Life Insurance Australia and New Zealand Limited ABN 90 000 000 402 AFSL 230694 trading as Acenda (formerly MLC Limited) to Aware Super’s insurer, TAL Life Limited ABN 70 050 109 450 AFSL 237848. 

Your Defined Benefit default Death and Total & Permanent Disablement (TPD) cover will remain unchanged on 1 May 2026. There will be no changes to your default insurance premiums, terms and conditions and policy definitions.

From 30 April 2026, voluntary cover will be referred to as additional cover. There are important updates regarding changes to voluntary insurance cover, the applicable insurance premiums and to various insurance terms and conditions, and policy definitions that you should be aware of.

These changes may affect the cover you receive or become eligible to receive on or after 1 May 2026.

Important: From 1 May 2026, any voluntary Death & TPD cover you hold will continue unless you are aged 70 or over as at 30 April 2026. If you are aged 70 or older, your voluntary cover will cease on 30 April 2026, and you won’t receive any voluntary cover with Aware Super. For further details about insurance changes and claims, please refer to your Significant Event Notice.

Full details will be available in the Aware Super Defined Benefit – Telstra Plan PDS and Guide which will be available at aware.com.au/pds. It’s important that you read your Significant Event Notice and the PDS to ensure that your new insurance arrangements are right for you. You can also contact Aware Super after the merger to obtain a copy of the relevant insurance policies which will be issued by TAL Life Limited.

Aware Super will confirm your insurance arrangements and any new premiums that may apply in writing in late May 2026.

New insurance premium rates that will apply to voluntary insurance cover from 1 May 2026, can be found in Table 5 – Voluntary Death only and Death and TPD insurance cover premiums in your Significant Event Notice.
Aware Super will confirm your insurance arrangements and new premiums in writing in late May 2026.

There will be no changes to your default insurance cover, premiums, terms and conditions, and policy definitions.

While many insurance terms and conditions and policy definitions will remain the same for voluntary cover, some will change as part of the insurer changing to TAL Life Limited.

You can learn about some of the changes to voluntary insurance from Table 6 – Voluntary Insurance terms, conditions and policy definitions in your Significant Event Notice.

For information on the terms and conditions, and eligibility requirements refer to the Aware Super Defined Benefit – Telstra Plan PDS and Guide which will be available at aware.com.au/pds.

Aware Super will continue to apply a 15% rebate on any voluntary insurance premiums. If applicable, the rebate will be credited to your Insurance Premium Account at the end of each month or on exit where you request a full withdrawal of your account.

After the merger, you'll be able to apply for new or increased insurance cover in Aware Super if eligible.

From 11 May 2026, Aware Super started processing all forms, including insurance applications and claims, submitted to Aware Super from 1 May 2026.

Aware Super does not provide an annual Insurance Statement. However, you’ll be able to view your insurance at any time in Aware Super’s platform, Member Online by running a Defined Benefit Quote.